200 Gap Stores Will Close Within Three Years
According to USA Today, Gap Inc. will close roughly 200 poorly performing Gap and Banana Republic stores in the next three years.
The move is part of the retailer's plan to zero in on its brands that are showing the most promise, while paring back those that are struggling in order to boost growth.
While it sheds dozens of Gap and Banana republic locations, the company will open roughly 270 new Old Navy and Athleta stores.
Store closures have become familiar throughout the retail sector as traditional store chains struggle to attract foot traffic with a growing number of consumers choosing to shop online.